Tambun Indah at lowest since Jan 2011 listing, trades ex-rights

Tambun Indah shares fell four sen to 52 sen before settling higher at 53.5 sen at lunch break with some 290,000 shares done. The company’s initial public offering had involved 54.1 million shares at 70 sen each.

The firm is undertaking a renounceable rights issue of 88.4 million new shares together with 44.2 million new free detachable warrants. The exercise is undertaken on the basis of two rights units and one warrant for every five existing shares held.

The rights shares, be traded as Tambun-OR, will be transacted on the exchange beginning next Tuesday.